Wed Nov 25, 2020, 04:15 PM

Anyone know if a Presidential campaign can file for bankruptcy?

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13 replies	Author	Time	Post
Anyone know if a Presidential campaign can file for bankruptcy? (Original post)	Thomas Hurt	Nov 2020	OP
I would think it would put the kibosher on a 2024 campaign.	LiberalFighter	Nov 2020	#1
With this crew, I'd believe it.	grumpyduck	Nov 2020	#2
I should think so, since they are usually organized as corporations.	The Velveteen Ocelot	Nov 2020	#3
They could have filed	True Dough	Nov 2020	#4
THAT.......	MyOwnPeace	Nov 2020	#7
Wow - they've learned from the Master!	MyOwnPeace	Nov 2020	#5
Moral or financial? n/t	PoliticAverse	Nov 2020	#6
WOW!!!!!	MyOwnPeace	Nov 2020	#8
According To This, Yes. Sort Of!	ProfessorGAC	Nov 2020	#9
That might be necessary if the fleecing of maggots can't keep up with the ongoing grift. n/t	royable	Nov 2020	#10
Just imagine a serious audit for the bankruptcy.	keithbvadu2	Nov 2020	#11
No. Political donations are not income.	SmartVoter22	Nov 2020	#12
Spam deleted by MIR Team	marryj	Apr 2021	#13

Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:17 PM

LiberalFighter (45,261 posts)

1. I would think it would put the kibosher on a 2024 campaign.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:18 PM

grumpyduck (5,197 posts)

2. With this crew, I'd believe it.

If they do, Rudy should be lead attorney.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:19 PM

The Velveteen Ocelot (105,747 posts)

3. I should think so, since they are usually organized as corporations.

But there might be some relevant FEC rules.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:20 PM

True Dough (14,774 posts)

4. They could have filed

for "moral bankruptcy" from Day 1.

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Response to True Dough (Reply #4)

Wed Nov 25, 2020, 04:24 PM

MyOwnPeace (16,025 posts)

7. THAT.......

is a GREAT response!

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:22 PM

MyOwnPeace (16,025 posts)

5. Wow - they've learned from the Master!

Funny somebody should ask now...

El Paso Says Donald Trump Still Owes $569,204 For His February Rally

https://www.espnsa.com/el-paso-says-donald-trump-still-owes-569204-for-his-february-rally/

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:23 PM

PoliticAverse (26,366 posts)

6. Moral or financial? n/t

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Response to PoliticAverse (Reply #6)

Wed Nov 25, 2020, 04:26 PM

MyOwnPeace (16,025 posts)

8. WOW!!!!!

You guys are HOT tonight!!!!!

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:28 PM

ProfessorGAC (56,849 posts)

9. According To This, Yes. Sort Of!

This is from Slate in late 2008.
Technically they can, but...

Technically, political committees can declare bankruptcy, but the practice is almost unheard of since defunct campaigns don’t have much in the way of assets. Instead, losing candidates who aren’t running again for political office—and consequently don’t have an easy way to raise much money—may go through a process with the FEC called “debt settlement” (PDF). To do so, a former candidate must agree with creditors on how much he or she will pay back, and the FEC must verify that each creditor extended the debt in the “ordinary course of business” and tried its best to collect. (Unlike outstanding payments to vendors or staff, bank loans typically can’t be forgiven.) If debt settlement fails, the FEC can eventually engage in an “administrative termination” that shuts down the campaign committee and cancels its obligations.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:29 PM

royable (1,075 posts)

10. That might be necessary if the fleecing of maggots can't keep up with the ongoing grift. n/t

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:32 PM

keithbvadu2 (30,190 posts)

11. Just imagine a serious audit for the bankruptcy.

Just imagine a serious audit for the bankruptcy.

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Response to Thomas Hurt (Original post)

Wed Nov 25, 2020, 04:34 PM

SmartVoter22 (639 posts)

12. No. Political donations are not income.

Any money a candidate raises is seperate from any personal income.
It requires it's own bank accounts and all filings keep political and personal monies seperate.

The only thing a candidate can do is retire, resign or die while having loads of campaign debt.

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Response to Thomas Hurt (Original post)

marryj Spam deleted by MIR Team

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